Nduom, two other GN Bank shareholders win at the Supreme Court

The Supreme Court on Wednesday, July 19  affirmed the decision of the High Court that it has jurisdiction over the lawsuit filed against the Bank of Ghana (BOG) in August 2019. The highest court’s ruling upholds the decision of the High Court and paves the way for judgment.

The case is to return to the High Court for its ruling on the main motion filed.

The High Court Judge, Justice Gifty Addo-Adjei now an Appeals Court Judge, announced in 2020 that she was ready to give her ruling. One technicality upon another tactically applied by BOG lawyers has stretched the lawsuit to travel almost four years.

Dr. Papa Kwesi Nduom and others sued the Bank of Ghana and others, in August 2019 over the revocation of the GN Bank/Savings license. The Bank of Ghana challenged the jurisdiction of the High Court on the grounds that the Banking Acts says that if a license is revoked by the Bank of Ghana, the right forum is Arbitration and not the Court.

The High Court disagreed and continued to hear the matter. Bank of Ghana went to Appeal Court and won.

Dr Nduom appealed the court of appeal decision to the Supreme Court leading to the important decision made today 19th July 2023.

In a brief comment, Dr Nduom said after the ruling: “On behalf of my entire family and all Groupe Nduom employees, I wish to thank the Lord our God.  It is He who has made this day possible.

To the 5 member panel who reviewed our complaint and agreed with us, we thank you for restoring our faith in the judiciary system. To our brilliant and highly professional counsel Justice Srem-Sai, we say well done Nobody won here today.  Shareholders, employees, government, and customers all have suffered for more than six years – from the uncertainties to the indignities of losing a license; losing scarce jobs, poor health and for some, unfortunately, death.

“We sent petition after petition to the highest levels in the current Administration and Regulators for a win-win settlement but were not successful.  So the courts were and remain our last resort. The battle has not ended. We want our license back and our task is clear, to rebuild ‘the People’s Bank’ and take formal and safe banking to the doorstep of every person living anywhere in Ghana.  It took us nearly 20 years to build our bank only for it to be pulled down in one day.  We have a national duty to build it back step by step.  The end result will be an even better bank than what was pulled down.

“We don’t have time to hate or be against anyone.  We want to get back to work.  We are looking forward to working diligently with the regulator, the Bank of Ghana, to press the start button to bring back GN Bank.”